Wednesday, October 21, 2015

Simple Steps in Doing Your Own Credit Repair (part 1 of 2)

In today's slowed down economy, everyone needs to maintain a good credit status. A good credit rating means one is financially responsible enough to keep the connect between personal income and spending on a constant and realistic level. So if one suffers from missed payments, this reflects badly on one's credit status. Enter credit repair.

This article covers some tips so you can do the credit repair yourself, so you won't have to pay for a company to do that for you. Most of those companies offering an almost instant credit repair are frauds anyway.

Acquire hard and soft copies of your credit reports from the credit companies. It's always better to know the lay of the land than not to know. You should be able to receive a no cost credit report per year. So avail of that. Also, when you get denied for something, you also become eligible to ask for a no cost credit report. This will give you a clear view of where you stand, and tell you how much work needs to be done. When you have the accurate numbers, you can plan ahead better than when you relied on guesswork.

Examine your own credit history, spending behavior. You have to absolutely certain all accounts are yours, that one pretended to be someone else and spent under your name. Identity theft is common and you can try to dispute the records when you think someone posed as you, over the phone or via email and snail mail. Also, once you ascertain all the accounts are truly yours, make sure they balance out. Pay up what's still needed to be paid. Tie up loose ends.